Question: When Classic Corp. went public at $12 a share, its waterbed business was floating along nicelythe company had annual sales of $23 million and turned

When Classic Corp. went public at $12 a share, its waterbed business was floating along nicely—the company had annual sales of $23 million and turned a hefty profit. The company then sprang a leak and suffered through many years of losses. Isaac, who owned 64 percent of the stock, decided to take the company private again (by buying shareholders’ stock) at a price of 20 cents a share. Classic hired two financial advisers who opined that the buyout price was fair. The board of directors voted in favor of the sale and then scheduled a special shareholder meeting to vote on the buyout. Do the minority shareholders have any rights?

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